Deutsche Post DHL Group (OTCPK:DPSTF) acquires parcel delivery company UK Mail for £4.40 a share in a deal valued at £242.7M ($315.82M).

The company says the pickup will strengthen its market position in Europe and bring in significant synergy opportuntiies.

"We will further extend our network and have a strong foothold in Europe's three largest e-commerce markets, the UK, Germany and France, which account for over 60% of online retail in the continent," says Deutsche Post.

Although it has used Deutsche Post's (OTCPK:DPSGY) DHL parcel service for local deliveries in the past, Amazon is slowly building up its own distribution capabilities, as it aims to create a cost-efficient logistics system.

Deliveries would start in May and would at first be carried out by courier firms already active in the German capital.